15th Actuarial Valuation services for PIFSS’ funds and the Third Actuarial Valuation of the Unemployment Insurance Fund

This ILO proposal includes three components: A. The Fifteenth actuarial valuation of the PIFSS, including a report on the appraisal of the commutation process; B. The peer review of the Fifteenth actuarial valuation of the PIFSS; and C. The third actuarial valuation of the unemployment insurance fund administered by the PIFSS. Conducting the above-mentioned components simultaneously will ensure that all social security schemes administered by PIFSS are assessed not only at the same date but also using appropriate and consistent assumptions and methodologies, enabling decision makers to have a holistic view of the Kuwaiti social security system’s situation as a whole. By experience, a number of unforeseen requests, related to the funding or design of the scheme, are usually made both during and after the course of the actuarial valuation. In order to address these unforeseen requests, without the ILO having to ask for an additional contributions by PIFSS, this proposal includes 80 work days to be used for such requests. The amount budgeted for the 80 consultation work days assumes 40 days for a Senior Social Security Actuary and 40 days for a Social Security Actuary and Modelling Specialist. The ILO charges USD $500 per work day for Senior Social Security Actuaries and USD $400 for Social Security Actuaries and Modelling Specialists. The actual consultation cost for PIFSS will then depends on the nature of the work. For miscellaneous requests, an estimate of the fees will be provided to PIFSS prior to the start of the work. At the end of the project, any unused work days will be refunded to PIFSS, together with other unspent budget, if any. In order to support PIFSS on any actuarial matters that could occur between the start of the Fifteenth actuarial valuation of the scheme and the start of the following actuarial valuation, the proposed duration of the project is three years from the start of the project activities. The above-mentioned projects are described in detail in the following sections.

Project symbol

KWT/22/01/KWT

Admin unit

SOCPRO

Start date

17/10/2022

End date

16/10/2025

Total allocation

481947

Total expenditure

Status

Active

481946

Development Partners

Kuwait, Public Institute for Social Security

Country/Countries

Kuwait

Outcomes

Outcome 7: Universal social protection